EBA欧洲银行-EBA-Report-on-the-monitoring-of-CET1-instruments-issued-by-EU-Institutions_34页_1mb

报告摘要

The EBA is mandated under Article 80 of Regulation (EU) No 575/2013 (CRR) to monitor the quality of own funds instruments and notify the Commission if there is significant evidence of non-compliance with CET1 eligibility criteria (Article 28 or 29 of CRR).
The EBA has been continuously monitoring CET1 instruments since 2013, maintaining and publishing a list of CET1 instruments in each EU Member State.
The first CET1 list was published on 28 May 2014, and the current report is the second update of the CET1 report, providing stakeholders with further guidance and feedback.

The report outlines the legal basis and content of the CET1 list, including the eligibility criteria for CET1 instruments under CRR and RTS.
The EBA has identified and included 16 new CET1 instruments issued after the CRR's entry into force (28 June 2013).
The list includes instruments issued under Article 28 (63 forms, 54%) and Article 29 (33 forms, 28%), as well as grandfathered non-state aid instruments (19 forms, 16%) and those subscribed by public authorities in emergency situations (2 forms, 2%).
The EBA has assessed the terms and conditions of these instruments and found no need to remove any from the list, as they comply with CRR and RTS.
The report also discusses the implications of non-inclusion in the list, emphasizing the need for exhaustive coverage and the potential consequences for institutions.

Under Article 26(3) and Article 80 of the CRR, the EBA is required to:
- Maintain and publish a list of all forms of CET1 instruments in each Member State.
- Monitor the quality of own funds instruments and notify the Commission if non-compliance is identified.

CRR2 enhances the EBA's role by:
- Requiring competent authorities to consult the EBA before classifying new instruments as CET1.
- Allowing the EBA to add or remove instruments from the CET1 list based on compliance with CRR and RTS.
- Emphasizing that institutions must consider both legal form and substantial features when assessing eligibility.

The CET1 list was first published on 28 May 2014, based on instruments issued before the CRR's entry into force.
The list is regularly updated to reflect new instruments, deletions, and amendments to existing ones.
There is no fixed publication frequency; updates occur as needed based on new developments or regulatory changes.

As of the eighth update, the EBA has listed 117 types of CET1 instruments across 28 EU jurisdictions.
Distribution of instruments by jurisdiction:
- 4 jurisdictions (BG, CY, EE, SI) have only 1 type of CET1 instrument.
- 3 jurisdictions (AT, DE, FR) have 10 or more types.
The number of instruments issued after CRR implementation is 16, with 63 fully eligible under Article 28 and 33 under Article 29.
19 instruments are grandfathered non-state aid instruments, and 2 are subscribed by public authorities in emergency situations under Article 31.

The CET1 list is intended to be exhaustive, capturing all eligible CET1 instruments in the EU.
If an instrument is not included in the list, it is not considered CET1 capital for prudential purposes.
The EBA has the power to remove non-compliant instruments from the list and notify the Commission, and to initiate legal actions if necessary.

The EBA systematically reviews the terms and conditions of new CET1 instruments against CRR and RTS.
Competent authorities are responsible for initial assessments, and the EBA provides guidance and feedback on these assessments.
The EBA may request additional information from competent authorities to ensure compliance.

Instruments classified as state aid are subject to specific rules and may not be eligible for inclusion in the CET1 list unless they meet the CRR requirements.
The EBA has the authority to assess whether state aid instruments should be included or excluded based on their compliance with eligibility criteria.
The inclusion of state aid instruments in the list does not imply that their features should be extended to other institutions in the same Member State.

The EBA evaluates whether instruments meet the eligibility criteria under Article 28 or 29.
Cooperative status is considered in the assessment, particularly for mutuals and similar institutions.

The EBA ensures that CET1 instruments remain in place for the required period.
Instruments must be issued with the intention of being held indefinitely or for a specified period, without conditions that would lead to early redemption.

CET1 instruments must have the ability to absorb losses without requiring immediate capital injections.
The EBA monitors whether the terms and conditions of instruments allow for such loss absorption.

The EBA assesses whether the payment terms of CET1 instruments allow for flexibility in dividend distributions.
Key features include:
- Preference in the amount of dividends (multiple distribution).
- No preference in the order of payments (no priority).
- Reinstatement of voting rights in the absence of dividends.
- Covenants or side agreements that may affect payment flexibility.

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